The Act made the de facto gold standard in place since the Coinage Act of 1873 (whereby debt holders could demand reimbursement in whatever metal was preferred--usually gold) a de jure gold standard alongside other major European powers at the time.

The Act fixed the value of the dollar at 258⁄10grains of gold at "nine-tenths fine" (90% purity), equivalent to 23.22 grains (1.5046 grams) of pure gold.

The Gold Standard Act confirmed the United States' commitment to the gold standard by assigning gold a specific dollar value (just over $20.67 per Troyounce). This took place after McKinley sent a team to Europe to try to make a silver agreement with France and Great Britain.

On April 25, 1933, the United States and Canada dropped the gold standard.